It's Time to Move Our Money

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Big banks are only as powerful as the money we give them.  That’s why The New Bottom Line, in partnership with The Other 98%, is launching Move Our Money – a campaign to move $1 billion dollars out of big banks and back into our communities.

Big banks are sitting on over a trillion dollars in cash while the rest of the country suffers through the worst financial crisis since the Great Depression; they’re avoiding paying billions of dollars in taxes; and they’re foreclosing on millions of homeowners, often after dubious lending practices like robo-signing and sub-prime loans. Big banks like Bank of America, JP Morgan Chase, and Wells Fargo think they can get away with using our money to enrich their bottom line. And as long as we keep letting them hold our money, we’ll never achieve a new bottom line that puts people before huge profit.

We can send a powerful message to the big banks by moving our money to local banks that can invest in our communities. When big banks lose our business, they lose their ability to gamble with our money and use the profits to tilt the playing field in their favor.

Starting today, The New Bottom Line and The Other 98% will organize thousands of individuals to take action in their communities and divest from big banks. At the same time, member-organizations of The New Bottom Line will be organizing institutions and local governments to move money out big banks. 

Check back regularly for news on the Move Our Money campaign or to organize your own action. 

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Showing 20 reactions


Ed I commented 2011-11-03 11:32:58 -0400
Thanks Chris. I’d been googling it, but hadn’t found an explanation as concise as yours.

If anyone can recommend credit unions in NYC , that would be great. I’ve found a number of them online, but looking for people with personal experiences with these FCU’s.

Thanks
Chris Husted commented 2011-11-02 17:39:06 -0400
Ed, you have the power of Google at your fingertips… but in simple terms, a customer is part owner in a credit union. This is why you have to have a savings account, and $5 is “locked” in your account. Fees are lower and earned interest rates for savings accounts are higher… but sometimes there are requirements for opening an acct, which may be as simple as being a resident of a certain county. The number of ATM’s are often more limited than you would find at a bank, but the credit unions frequently have partnerships that allow usage without fees. I’ve dealt with both banks and credit unions, and credit unions are far superior in so many ways. Another bonus is that they are typically more friendly, presumably because they are smaller and don’t take your business for granted. It really is a win.
Ed I commented 2011-11-02 10:50:55 -0400
Also, I am financially ignorant. Can someone please explain what a Credit Union is, in simple terms? Assume I know nothing, which is true.
Ed I commented 2011-11-02 10:47:15 -0400
Can anyone recommend good local banks in NYC ?
@hasan2017 tweeted link to this page. 2011-11-02 10:11:58 -0400
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Laurie Hart commented 2011-11-01 21:32:27 -0400
I’ve banked at Ithaca NY’s Alternatives Federal Credit Union since 1985, and they held my home mortgage as well. No complaints in all those years. I love my bank!
@Bashful_Netwrkr tweeted link to this page. 2011-11-01 19:26:55 -0400
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@jacquemward tweeted link to this page. 2011-11-01 18:19:43 -0400
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@ZombiesAreBad influential tweeted link to this page. 2011-11-01 11:22:18 -0400
I ditched BoA 1yr ago. Worst customer service & web interface for YEARS. It's Time to Move Our Money. http://t.co/uHiChlWx
@newlocalmedia highly influential tweeted link to this page. 2011-11-01 09:40:02 -0400
I ditched BoA 1yr ago. Worst customer service & web interface for YEARS. It's Time to Move Our Money. http://t.co/uHiChlWx
@evans3_w tweeted link to this page. 2011-10-31 23:39:01 -0400
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@rht2912 tweeted link to this page. 2011-10-31 18:44:09 -0400
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@harriselfie tweeted link to this page. 2011-10-31 17:12:35 -0400
Join a credit union, don't pay the banks to rip America off. http://t.co/j1hleRsT
@femmekatz highly influential tweeted link to this page. 2011-10-31 16:07:40 -0400
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@Zabebeza tweeted link to this page. 2011-10-31 14:08:01 -0400
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@brownandred tweeted link to this page. 2011-10-31 13:53:12 -0400
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@writernac tweeted link to this page. 2011-10-31 12:38:52 -0400
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